Ocean Wilsons Holdings Limited
Interim results for the period ended 30 June 2025
About Ocean Wilsons Holdings Limited
Ocean Wilsons Holdings Limited (“Ocean Wilsons” or “the Company”) is a Bermuda-based investment holding company, dual-listed on the London Stock Exchange and the Bermuda Stock Exchange. Our principal asset, Ocean Wilsons (Investments) Limited (“OWIL”), is an actively managed investment fund with a global, diversified portfolio designed to deliver sustainable long-term returns.
Data Highlights
| KEY DATA (in US$ millions) |
| 6 months ended 30 June 2025 | 6 months ended 30 June 2024 | Change | ||
| Profit from continuing operations | 10.4 | 8.4 | +2.0 | +23.8% |
| Gain on sale of discontinued operations | 224.4 | n/a | n/a | n/a |
| Investment portfolio net return | 14.7 | 10.6 | +4.1 | +38.7% |
| Net cash inflow/(outflow) from continuing operations | 543.6 | (28.8) | +572.4 | n/a |
| At 30 June 2025 | At 31 December 2024 | Change | ||
| Investment portfolio assets | 340.9 | 325.9 | +15.0 | +4.6% |
| Net assets | 944.2 | 839.4 | +104.8 | +12.5% |
| SHARE DATA |
| 6 months ended 30 June 2025 | 6 months ended 30 June 2024 | Change | ||
| Dividend declared per share (USD) | 181 cents | 85 cents | +96 cents | +112.9% |
| Earnings per share (USD) | 785.0 cents | 71.1 cents | +713.9 cents | +1,004.1% |
| Earnings per share from continuing operations (USD) | 29.4 cents | 23.8 cents | +5.6 cents | +23.5% |
| 12 months ended 31 December 2024 | |
| Earnings per share (USD) | 202.7 cents |
| At 30 June 2025 | At 31 December 2024 | Change | ||
| Share price (GBP) | 15.00 | 13.00 | +2.00 | +15.4% |
Chair’s Statement
The year 2025 so far has been a period of considerable change and reflection for Ocean Wilsons.
The sale of the Company’s 56% interest in Wilson Sons S.A. was completed on 4 June which realised net cash proceeds of US$594m to the Company.
Subsequently, on 17 June, the Company announced a share buyback, via a Tender Offer, for 20% of the issued share capital. The Tender Offer completed on 23 July at 1543p per share, returning £109m to shareholders. Our largest shareholders chose not to participate, thereby enhancing the capital available to those other shareholders who did. This balanced some shareholders’ desire for liquidity with the major shareholders’ continued support for the Company’s strategy of long-term investment.
On 28 July, the Company announced a proposed all-share merger with Hansa Investment Company Limited (“HICL”), structured on the basis of relative contributions of the fair value of net assets. On 12 September, of the Company’s shareholders who were eligible to vote on the proposed merger, 80.5% by shares held and 76.6% by number of shareholders voted in favour, thereby approving the proposed merger by the required thresholds.
As part of the approval process set out in the Scheme Document, the Court Sanction hearing was held on 22 September. Following representations from counsel on behalf of Arnhold LLC, the Court approved a delay to the hearing until 30 October. The delay affords Arnhold additional time to present its objection to the sanctioning of the Scheme by the Court. The Board respects the Court’s decision and notes the clear shareholder support for the merger and the shareholder approval obtained thereon. We continue to work towards the timely completion of the transaction and will provide further updates in due course.
This Interim Report marks the first interim report since the completion of the Wilson Sons sale on 4 June and covers the performance of the Company for the six months ended 30 June 2025. It reflects both the proceeds from that transaction and the performance of OWIL which delivered a 5.1% return in the first half of 2025. Equity markets in North America experienced significant swings during the period reflecting shifting geopolitical dynamics, trade policy uncertainty, and changing expectations for interest rates. Against this backdrop, the portfolio’s blend of listed equities and private equity holdings provided both resilience and participation in the recovery, underscoring the benefit of our diversified, long-term investment approach. The portfolio continues to be managed with an emphasis on capital growth, diversification, and disciplined risk management, consistent with the Company’s philosophy of patient capital.